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Question: Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022). Before considering her 50 percent business income allocation from Beehive and the self-employment tax deduction (if any), Sofia's adjusted gross income is $150,000 (all employee salary). Sofia has $35,000 in itemized deductions. What is Sofia's self-employment tax liability?
Joe bought a vacation lot for $5000 down and monthly payments of $250. After 40 months he sold the lot. What rate of return did Joe receive on his investment?
By December 31, the market price (replacement cost) of the inventory had declined to $280,000. Prepare Dani's journal entries at year-end and
Beautiful car repair shop bought a machine. Determine the cost of the machines purchased by Car Repair Shop, and make a journal entry to record the purchase.
the controller of a small private college is complaining about the amount of work she is required to do at the
Assuming that the U.S. tax rate is 21% and no valuation allowance is required, what is Never deferred income tax asset reported on its GAAP financial statements
Prepare the necessary journal entries for yearend 2020. Fair Value on this date is $253,000. Prepare the journal entry at the date of the bond purchase
On August 15, 2020, Papaya was notified that the stock was worthless. How should Papaya report this item on her 2020 tax return
Siomai Queen sells franchises for an initial fee of P100,000. How much franchise revenue should the franchisor record on March 15, 2019
Cahya Permana is an entrepreneur who is interested in investing in stocks. Calculate the average rate of return for each stock for 5 years
Discuss the accounting policy implications of the cash basis and accrual basis of accounting and justify which of the basis of accounting you will recommend
Calculate the cost of goods available for sale. ending inventory, and cost of goods sold under the (a) FIFO, (b) LIFO. and (c) weighted average cost flow
After all the assets are sold and all debts paid, $16,000 cash remains in the business checking account. Determine the amount of their losses
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